New survey shows majority of pandemic home buyers don’t regret their move despite competitive real estate marketing.
For many Americans, buying a house during a pandemic meant competitive situations, buying above the list price of the home and waiving contingencies. You would think that would lead to panic and regret after closing. But, a new study by Hireahelper.com, says no. In fact, some 82% said that the move changed their lives for the better.
However, if the move was purely because of COVID-19, some 31% of movers surveyed said they regret the move. And, 26% of those who regretted the move knew immediately that it was the wrong move. Among those pandemic home buyers who do regret their move, they sited things such as moving away from friends (49%) and leaving the area they used to live in (40%). According to a Pew Research Center poll, some 22% of American adults changed residences because of the pandemic, or they know someone who did.
Some 15% of pandemic home buyers are considering a moving back to where they used to live. Millennials were the most likely to regret moving in the last year, with 37% saying they wished they had stayed in place. Gen Z (23%) were the least likely to regret their move.
Why did they move? According to the survey, these were the top five reasons:
Moved to cheaper housing (33%)
Moved for a new job or job transfer (29%)
Moved to retire (28%)
Moved to be closer to family (28%)
Moved to a new or better home (19%)
According to a Pew Research Center report, millions of Baby Boomers retired each year, but in the past year the number increased. Job losses associated with COVID-19 may be contributing the jump in retirements.
As for regrets, most pandemic home buyers didn’t like that they moved further away from friends (49%). But, other moving regrets include:
Leaving the area you used to live (40%)
Moving further away from family (38%)
How much the move cost (30%)
Leaving your previous home (23%)
Moving further from work (12%)
Ironically, paying too much for a home, making a hasty decision, getting caught up in the competitiveness of the transaction or waiving an inspection weren’t listed in the top 10 regrets from pandemic home buyers.
Regardless of the reason, in this market, having an experienced real estate professional to guide buyers through a competitive market. Communication is key to helping buyers and sellers navigate price appreciation, multiple offers and more.